"I think 3-4 percent (annual GDP growth) is not high enough, we need more than 4 percent, or 5-6 percent," Siluanov said when asked about economic challenges over the next five years.

"In order to have that, we need to create the conditions for business. We need to attract investors and investments, in fact we need to run after investors ... we need to seek foreign companies ready to develop production," he said.

Siluanov was speaking as Vladimir Putin was about to be inaugurated to a six-year term as president.

Weaker-than-expected investment has been cited as a reason the government has reduced its 2012 economic growth forecast from 3.7 percent to 3.4 percent.

Last year Russia's economy grew by 4.3 percent, but most analysts anticipate some deceleration this year as a result of a weaker international economy.

Putin, in power since 2000 and returning to the presidency after four years as prime minister, has said he wants to attract more foreign investment by improving the business climate but has not spelled out how he will do this.